​LSETF drives innovation, awards N10m to female founders

The Lagos State Employment Trust Fund (LSETF), through its Lagos Innovates initiative, has awarded female founders for their innovative work.

The award was presented at the third year of the Demo Day of the Female Founders & Funders (FFF) Programme, held at the Wole Soyinka Centre for Culture and the Creative Arts, National Theatre, Iganmu, Lagos.

Omolara Sanni, founder of Middleman, a trade-tech startup that simplifies sourcing, payments, and logistics between African businesses and Chinese suppliers was awarded N5 million naira. Bassanat Abubakar, founder of FUSE Varsity, (Future Skills Education Varsity), an edtech platform and workforce took second place by winning N3 million naira, while the third prize of N2 million was awarded to Oluwaseyi Ebire, founder of Univast Space Limited, a digital platform for space and climate education.

The event drew investors, ecosystem partners, government representatives, and entrepreneurs and it culminated in the disbursement of a N10,000,000 prize pool sponsored by MTN Nigeria, comprising both cash awards and enterprise support to the top three female founders.

The Female Founders & Funders Programme, now in its third year, was designed to bridge the gap between female entrepreneurs and funding opportunities by equipping women with the knowledge, investor-readiness skills, and market exposure required to attract capital. This year’s cohort was selected from 178 applications, with 30 founders ultimately progressing through six weeks of mentorship, masterclasses, and business development training before presenting on the Omniverse Africa 3.0 stage.

Speaking at the event, Feyisayo Alayande, executive secretary of LSETF, described the Demo Day as a significant milestone in advancing inclusive entrepreneurship across Lagos State.

“Today marks an important milestone in the journey of the Female Founders & Funders Programme. Now in its third cohort, this initiative has consistently demonstrated that women belong at the decision-making table and deserve access to the resources, networks, and capital required to thrive,” said Alayande.

Njideka Jack, general manager, Enterprise Marketing at MTN Nigeria, reinforced the idea of entrepreneurship and digital inclusion, noting,

“Innovation thrives at the intersection of courageous founders and courageous funders. We understand that the next African success story may not emerge from a corporate boardroom, it may come from a founder who stood on this stage today,” she said.

Mope Abudu, managing director of AfriGloCal VC, which co-designed and co-delivered the Female Funders curriculum, highlighted a broader shift taking place across the African investment landscape.

“Capital alone does not create value; value creation attracts capital. We are seeing more women move from being observers of wealth creation to becoming architects of wealth creation. Gender-lens investing is not charity but a sound investment strategy,” said Abudu.

Abudu stressed that closing the gender funding gap requires strengthening both sides of the capital equation: the women building businesses and the women allocating capital. She noted that over the past three years, the FFF community has evolved into an active network of female angel investors, syndicate members, and venture partners who are now contributing meaningfully to investment decisions across Nigeria’s startup ecosystem.

The event also spotlighted a growing trend of local capital participation in Nigeria’s innovation sector. With global investor activity moderating, local family offices, high-net-worth individuals, and angel networks are increasingly stepping in a shift that presents a unique opportunity for female investors to help shape Africa’s next chapter of economic growth.

The programme was delivered in partnership with Omniverse Africa, MTN Nigeria, AfriGloCal VC, and several other ecosystem stakeholders committed to fostering inclusive entrepreneurship across Lagos State.